Posco Holdings said Thursday it has named Chang In-hwa, former CEO of steelmaker Posco, to lead the nation's fifth-largest business group as its next chairman.

The result was announced after seven members of the CEO Candidate Recommendation Committee of Posco Group interviewed six candidates in the final list on Wednesday and Thursday.

If approved at the group’s annual general meeting of shareholders and board meeting on March 21, Chang will be appointed as chairman of the country’s fifth-largest conglomerate.

Former Posco President Chang In-hwa served as the head of multiple units within the group, progressing from the vice presidency of the Research Institute of Industrial Science and Technology to various roles within Posco E&C and Posco's technology and investment headquarters.

“The committee judged that Chang will be able to increase competitiveness of the group’s steel business and new businesses,” said Park Heui-jae, who headed the recommendation committee.